Rental of the Day: 20 College Place
There aren’t too many places to live on College Place (at least until the big Love Lane Mews conversion is ready to go), but if you’ve got $11,500 a month to spend on rent, there’s a carriage house you can move into right now. Fans of historic interiors will be disappointed but chefs who like…
There aren’t too many places to live on College Place (at least until the big Love Lane Mews conversion is ready to go), but if you’ve got $11,500 a month to spend on rent, there’s a carriage house you can move into right now. Fans of historic interiors will be disappointed but chefs who like room to spread out certainly won’t! Five bedrooms and two parking spaces in Brooklyn Heights are worth a lot as well. The month rent is a little more than the interest on a $2 million mortgage so it doesn’t sound crazy to us, though we prefer a little more old-world charm to our carriage houses.
20 College Place [Corcoran] GMAP P*Shark
Given that it is half-past October and school has started, I wonder who wants a 5-bedroom house right now. Seems that they may have missed their market.
On the other hand, renting this is much cheaper than buying anything of this size in the neighborhood.
One negative though: How do you get the second car in/out?
Love Lane Mews looks nearly ready to go… any news updates?
“I’d say everything is overpriced on a price/rent basis…a lot of buyers who need to sell after interest rates go up (they aren’t going down) are going to be hurting, as even at 8% current prices would be a joke.” – thedudeagreeswithBHO
Historic price/rent average is 10x.
http://tinyurl.com/2envfd7
Mean (well, average) reversion like a mofo. But the take-away from the link is…
“gross rent multipliers fell below 5 during the 1930′s”
Deja vu in the two-thousand-teens! Another -37.5% to go in prices or worse. Foreclosuregate is the trigger. Click!
Buyers! Why are you buying? (or trying to buy – can you even get title insurance during this foreclosuregate disaster?) Take the risk of having to sell into mortgage rate downside, not upside.
***Bid half off peak comps***
My dream home! I have always wanted a carriage house, especially the ones in Brooklyn Heights. Swoon.
Agreed that this makes sense as it is in a convenient neighborhood and not in one of the more distant areas such as Park Slope or Bay Ridge.
Although Bay Ridge is at least right on a major highway.
11.5K is only $460K a year salary requirement based on 40x rent/income ratio. Lots of people right across the river could easily float that, and seems like a pretty decent option if you have a couple kids and have no cash because you have been getting deferred stock (or nothing) as a bonus instead of cash for the last few years.
And based on prevailing price/rent ratios of 17x also come to the $2mm price point – seems in line with other stuff on the market.
I’d say everything is overpriced on a price/rent basis and rent is too high on a rent/price basis, but that proves exactly the opposite. I’ll revise my thesis to state that a lot of buyers who need to sell after interest rates go up (they aren’t going down) are going to be hurting, as even at 8% current prices would be a joke.
$11,500, that’s whacked. It’s worth no more than 11,221.31 a month.
That’s one expensive rental where it actually kind of makes sense, a nice carriage house in Brooklyn heights with 5 bedrooms and parking. If you compare to the $12,500 rental in Park Slope, it’s a no-brainer.
“.The month rent is a little more than the interest on a $2 million mortgage”
But less than interest plus likely depreciation.
Damn! 5 beds and two cars in BK Heights. Expensive but perfectly reasonable.
***Bid half off peak comps***